P11D Guide: Benefits in Kind for UK Limited Companies

Last updated: March 2026

If you run a UK limited company and provide any benefits to yourself as a director or to your employees, the P11D is one of the most important compliance forms you will deal with each year. Get it wrong and you face penalties, interest charges, and the risk of an HMRC enquiry. Get it right and you ensure that every benefit is properly reported, correctly valued, and that the right amount of tax and National Insurance is paid.

This guide covers everything: what a P11D is, who must file one, which benefits need reporting, how to calculate the cash equivalent value of each benefit type, the key deadlines, Class 1A NIC obligations, penalties for late filing, and the significant changes coming with mandatory payrolling of benefits. Whether you are a sole director or you employ staff, this is the reference document you need.

What Is a P11D and Why Does It Matter?

A P11D is an annual return submitted by employers to HMRC. It lists every taxable benefit in kind and expense payment provided to each director and employee during the tax year (6 April to 5 April).

The purpose is straightforward: when your company provides a non-cash benefit -- a company car, health insurance, a gym membership -- that benefit has a monetary value. The recipient owes income tax on that value, and the employer owes Class 1A National Insurance contributions. The P11D is how HMRC learns what was provided and calculates the tax due.

Every benefit is reported at its "cash equivalent" value. This is not what the benefit cost the company to provide. It is the value that HMRC deems the recipient has received, calculated using specific rules for each benefit type.

The companion form, the P11D(b), is a summary return that declares the total Class 1A NIC the employer owes across all P11Ds filed for the tax year. You cannot file one without the other.

Who Needs to File a P11D?

Your company must file a P11D for every director or employee who received any taxable benefit in kind or expense payment during the tax year. This includes:

• You as a sole director -- even if you are the only person in the company, if you provided yourself with a benefit through the company, you must file a P11D for yourself
• All directors of the company, regardless of salary level
• Employees who received any reportable benefit
• Family members employed by the company who received benefits (e.g., a spouse on the payroll who is covered by the company's private medical insurance)

There is no minimum earnings threshold for directors. For employees, the old £8,500 threshold was abolished from April 2016. All employees who receive benefits in kind must now have a P11D filed on their behalf.

When Do You Not Need to File?

You do not need to file a P11D if:

• Your company provided no taxable benefits or expenses to any director or employee during the tax year
• All benefits are covered by an exemption (e.g., only trivial benefits under £50 were provided)
• You have registered to payroll all benefits in kind and are reporting them through your Real Time Information (RTI) payroll submissions instead
• The benefits are covered by a PAYE Settlement Agreement (PSA)

If none of these apply, you must file.

Which Benefits Must Be Reported on the P11D?

The list of reportable benefits is extensive. The table below covers the most common benefits provided by UK limited companies, their tax treatment, and the P11D section where each is reported.

Common Benefits and Their Tax Treatment

This is not exhaustive. If your company provides any non-cash benefit not listed here, the default position is that it is taxable and must be reported unless a specific exemption applies.

How to Calculate the Cash Equivalent of Each Benefit

Each benefit type has its own valuation rules. The cash equivalent is rarely just "what the company paid." HMRC prescribes specific calculation methods for each category.

Company Cars

The company car benefit is one of the most common and most complex P11D items. The cash equivalent is calculated as:

Cash equivalent = List price x Appropriate percentage (based on CO2 emissions)

The "list price" is the car's published price when new, including delivery charges, VAT, and any accessories fitted before the car was first made available. It is not the price your company actually paid.

The appropriate percentage depends on the car's CO2 emissions and fuel type:

Company Car BIK Rates by CO2 Emissions (2025/26)

Key points:

• The diesel supplement of 4% applies to diesel cars that do not meet the RDE2 emissions standard. The maximum BIK rate is capped at 37% regardless.
• For 2026/27, all percentages increase by 1 percentage point (e.g., fully electric vehicles move from 3% to 4%).
• If the car was unavailable for part of the tax year, the benefit is proportionally reduced.

Car Fuel Benefit

If your company pays for fuel used for private journeys in a company car, there is an additional fuel benefit charge. This uses a fixed multiplier set by HMRC each year:

Fuel benefit = Fuel benefit multiplier x Appropriate percentage (same CO2-based % as the car)

The fuel benefit is an all-or-nothing charge. If the company pays for even one litre of fuel used for private journeys, the full charge applies. The only way to avoid it is to either reimburse the company for all private fuel or to not have the company pay for any private fuel at all.

There is no fuel benefit for fully electric company cars where the company pays for electricity. This is a significant tax advantage of electric vehicles.

Private Medical Insurance

The cash equivalent of private medical insurance is simply the cost of the premiums paid by the company during the tax year. If the company paid £1,500 in premiums for a director's health cover, the P11D benefit is £1,500.

If the policy covers family members (spouse, children), the full premium is attributed to the employee or director -- not split between family members. This can make family cover significantly more expensive in tax terms, though for many directors the tax savings compared to buying cover personally through net income still make it worthwhile.

Beneficial Loans

If your company provides a loan to a director or employee at below the official rate of interest (or interest-free), the difference between the interest charged and what would have been charged at the official rate is a benefit in kind.

Cash equivalent = (Loan balance x Official rate of interest) - Any interest actually paid

The official rate of interest for 2025/26 is 3.75% per annum (increased from 2.25% in 2024/25). From April 2025, HMRC reviews this rate quarterly rather than annually, meaning it may change during the tax year.

There is a de minimis threshold: if the total of all beneficial loans to an employee does not exceed £10,000 at any point during the tax year, no benefit in kind arises. This threshold applies to the aggregate of all loans, not each loan individually.

Two calculation methods exist:

• Average method: Use the average loan balance over the tax year (opening balance + closing balance, divided by 2). This is the standard method and is simpler.
• Precise method: Calculate interest on the actual balance day by day. This is more accurate for loans where the balance fluctuates significantly. Either the employer or HMRC can elect for this method.

For directors with a director's loan account (DLA), this is particularly relevant. If you draw more from the company than you put in, the overdrawn balance is effectively a beneficial loan. See our guide on director's loan accounts for more detail.

Living Accommodation

Accommodation provided by the employer is a benefit in kind unless it falls within one of three exemptions (necessary for the job, customary for the type of employment, or security threat). Most limited company directors providing accommodation to themselves will not meet these exemptions.

The calculation has two parts:

Basic charge: The higher of the annual value (gross rateable value) and any rent paid by the employer.

Additional charge (if cost exceeds £75,000): If the property cost more than £75,000 (including improvements), an additional charge applies:

Additional charge = (Cost of property - £75,000) x Official rate of interest

Any rent paid by the employee is deducted from the total benefit.

Childcare

Employer-supported childcare has specific exemption limits that depend on when the employee joined the scheme and their tax rate:

Any employer-supported childcare above these limits is a benefit in kind reportable on the P11D. Note that the tax-free childcare and childcare voucher schemes are now closed to new entrants (since October 2018), but existing participants are grandfathered in.

Workplace nurseries directly run or funded by the employer remain fully exempt with no monetary cap, provided specific conditions are met.

Gym Memberships and Health-Related Benefits

Corporate gym memberships paid by the company are fully taxable as benefits in kind. The cash equivalent is the cost paid by the company. There is no exemption for health and fitness benefits.

However, in-house facilities provided on the employer's premises for use by employees generally are exempt. If your company rents an office with a gym in the building that is available to all tenants, this may not constitute a benefit. But paying for an external gym membership for a director is always taxable.

Mobile Phones

One mobile phone per employee is exempt from P11D reporting, regardless of the cost of the phone or the amount of private use. This is one of the most generous exemptions available. It applies to the phone contract and the handset.

The exemption applies to one phone only. If the company provides a second phone, the cost of the second phone and its contract is a taxable benefit.

One Annual Function Exemption

Your company can host one annual event (Christmas party, summer barbecue) costing up to £150 per head (including VAT and transport) without it being a benefit in kind. Key rules:

• The £150 is a threshold, not an allowance. If the cost per head is £151, the entire £151 is taxable -- not just the £1 excess.
• The event must be open to all employees (or all employees at a particular location).
• Multiple events can qualify if their combined cost per head stays within £150.
• Directors attending a sole-director company event qualify for the exemption.

Trivial Benefits Exemption

Benefits costing £50 or less are exempt from tax and NIC if all four conditions are met:

1. The cost of providing the benefit does not exceed £50
2. The benefit is not cash or a cash voucher
3. The employee is not entitled to the benefit as part of a contractual arrangement (including salary sacrifice)
4. The benefit is not provided in recognition of particular services performed by the employee as part of their employment duties

For directors and other office holders of close companies (most owner-managed limited companies), there is an additional annual cap of £300 per tax year on trivial benefits.

Common examples: a bottle of wine at Christmas, flowers for a birthday, a small gift voucher (non-cash) as a thank you. These do not need reporting on the P11D.

Assets Provided for Private Use

If the company provides an asset for an employee's or director's private use (a laptop, furniture, a bicycle outside the cycle-to-work scheme), the annual benefit is 20% of the market value when the asset was first provided.

If the asset is later transferred to the employee, the benefit on transfer is the higher of the market value at the date of transfer and the original market value minus the total benefits already assessed, less any payment made by the employee.

How Is Class 1A National Insurance Calculated?

The employer pays Class 1A NIC on the total value of all benefits in kind reported on P11Ds. For the 2025/26 tax year, the rate is 15%.

Class 1A NIC = Total P11D benefits for all employees x 15%

This is reported on the P11D(b) form and is separate from Class 1 NIC paid through the monthly payroll.

Class 1A NIC is not deducted from the employee's pay. It is an additional cost borne entirely by the employer. Many businesses underestimate this when budgeting for benefits -- if you provide £10,000 of benefits across your workforce, you owe £1,500 in Class 1A NIC on top.

The P11D(b) must accompany your P11D submissions. It summarises the total Class 1A NIC due and is the basis for HMRC's collection of that amount.

P11D Deadlines: The Dates That Matter

For the 2025/26 tax year:

• P11D and P11D(b) filing deadline: 6 July 2026
• Class 1A NIC payment deadline: 22 July 2026 (electronic) / 19 July 2026 (cheque)

These dates are non-negotiable. HMRC does not grant extensions for P11D filing.

Penalties for Late Filing and Late Payment

HMRC takes P11D compliance seriously. The penalty regime is as follows:

Late P11D Filing

HMRC can apply to the First-tier Tax Tribunal for a penalty of up to £300 per P11D submitted after the 6 July deadline. If the delay continues, a further £60 per day can be charged per form until the employer files.

Late P11D(b) Filing

The P11D(b) attracts automatic penalties. HMRC charges £100 per 50 employees (or part thereof) for each month or part-month the return is late.

Example: If you have 55 employees and file the P11D(b) two months late, the penalty is:

• 2 x £200 (rounded up from 55 to the next 50 block = 2 blocks) = £400

Incorrect Information

The maximum penalty for submitting an incorrect P11D is £3,000 per form. This applies where the information provided is inaccurate, whether through carelessness or deliberate error. The severity of the penalty depends on the nature of the inaccuracy:

• Prompted disclosure: HMRC discovered the error
• Unprompted disclosure: You identified and corrected the error voluntarily (reduced penalty)

Late Payment of Class 1A NIC

If you pay Class 1A NIC late, HMRC charges interest on the outstanding amount from the due date until payment is received. Persistent late payment can also trigger additional penalties under the standard PAYE penalty regime.

Worked Examples

Example 1: Director with Company Car and Private Medical Insurance

Sarah is the sole director of a marketing consultancy. Her company provides:

• A hybrid company car (list price £35,000, CO2 emissions 45g/km, electric range 35 miles, registered after April 2020)
• Private medical insurance (annual premium: £2,100)
• A company mobile phone

Company car benefit:

• List price: £35,000
• Appropriate percentage for 45g/km with 30-39 mile electric range: 13%
• Cash equivalent: £35,000 x 13% = £4,550

Fuel benefit: Sarah does not receive fuel for private use from the company. No fuel benefit.

Private medical insurance:

• Cash equivalent: £2,100 (the premium paid)

Mobile phone:

• Exempt (one phone per employee). £0

Total P11D benefit: £6,650

Sarah's tax liability (higher-rate taxpayer at 40%): £6,650 x 40% = £2,660 per year

Company's Class 1A NIC: £6,650 x 15% = £997.50

Example 2: Director with Beneficial Loan

James runs a software company. He has an overdrawn director's loan account. The loan balance:

• 6 April 2025: £45,000
• 5 April 2026: £25,000
• Interest paid by James during the year: £0

Using the average method:

• Average loan balance: (£45,000 + £25,000) / 2 = £35,000
• Official rate of interest: 3.75%
• Notional interest: £35,000 x 3.75% = £1,312.50
• Interest paid: £0
• Cash equivalent: £1,312.50

James's tax liability (higher-rate at 40%): £1,312.50 x 40% = £525

Company's Class 1A NIC: £1,312.50 x 15% = £196.88

Note: If the loan had stayed under £10,000 throughout the year, no benefit would arise. James should consider repaying the loan below this threshold before the tax year end.

Example 3: Small Company with Multiple Benefits

Priya's design agency has three employees. During 2025/26, the company provides:

P11D for Priya: £3,800 + £1,260 = £5,060

• EV car: £42,000 x 3% = £1,260
• Her income tax (40%): £5,060 x 40% = £2,024

P11D for Tom: £1,200 + £720 = £1,920

• His income tax (20%): £1,920 x 20% = £384

P11D for Lisa: £1,200

• Her income tax (20%): £1,200 x 20% = £240

Total P11D benefits across all employees: £8,180

Company's total Class 1A NIC: £8,180 x 15% = £1,227

This illustrates why electric vehicles are so tax-efficient as company cars. Priya's £42,000 EV generates only £1,260 of benefit -- compared to a petrol car at the same price with 120g/km emissions that would generate £42,000 x 31% = £13,020 of benefit. See our company car vs mileage allowance guide for more on this comparison.

The P11D(b) Return

The P11D(b) is the employer's declaration of the total Class 1A NIC due for the tax year. It accompanies the individual P11D forms and serves as the billing basis for HMRC to collect the employer's NIC liability.

The P11D(b) must be filed by the same 6 July deadline as the individual P11Ds. It includes:

• The total value of benefits in kind across all employees
• The total value of any Class 1 NIC adjustments
• The Class 1A NIC amount due (total benefits x 15%)

If you payroll some benefits but not others, the P11D(b) will reflect only the benefits that were not payrolled. From April 2027, when mandatory payrolling takes effect for most benefits, the P11D(b) will only cover residual items like beneficial loans and living accommodation.

P46(Car) Forms: Quarterly Reporting for Company Cars

If your company provides, withdraws, or replaces a company car for a director or employee, you must submit a P46(Car) form to HMRC within 28 days of the end of the relevant quarter.

The quarterly deadlines are:

HMRC uses P46(Car) information to adjust the employee's tax code during the year, so tax is collected roughly in real time rather than as a lump sum after the tax year ends. Failure to submit P46(Car) forms can result in employees having incorrect tax codes and facing unexpected tax bills.

Employee Tax Code Adjustments

When HMRC receives your P11D, it adjusts the employee's tax code for the following year to collect the tax on benefits through their monthly salary.

For example, if Sarah (from Example 1) has a total P11D benefit of £6,650, HMRC will reduce her tax-free personal allowance by £6,650 for the next tax year. Her tax code might change from 1257L to 592L, meaning more tax is deducted from each month's salary.

This adjustment happens automatically. However, it can cause cash flow surprises for employees who were not expecting a lower net pay. Good practice is to give employees advance notice of the benefits being reported and the likely impact on their take-home pay.

For directors who pay themselves a small salary and take the rest as dividends, the tax code adjustment may not collect enough tax through PAYE (because the salary is too low). In this case, HMRC will issue a self-assessment tax return to collect the balance, or issue a simple assessment.

PAYE Settlement Agreements (PSAs)

A PAYE Settlement Agreement allows employers to make a single annual payment to cover the tax and NIC on certain minor, irregular, or impracticable benefits. If a benefit is covered by a PSA, it does not need to be reported on the P11D.

PSAs are typically used for:

• Staff entertaining that does not qualify for the annual function exemption
• Small incentive awards
• Long-service awards (above the exempt limit)
• Relocation expenses above the £8,000 exempt limit

To set up a PSA, you must apply to HMRC before the tax year starts (or early in the tax year). HMRC will agree which benefits can be included. The employer then pays the tax and Class 1B NIC (which replaces Class 1A NIC for PSA items) by 22 October following the end of the tax year.

PSAs are useful for cleaning up minor benefits that would be administratively burdensome to report on individual P11Ds. They are not suitable for high-value recurring benefits like company cars or private medical insurance.

Dispensations: Now Abolished

Before April 2016, employers could apply to HMRC for a "dispensation" that exempted certain routine expenses (business travel, subsistence, professional subscriptions) from P11D reporting. If HMRC granted the dispensation, those expenses did not need to appear on the P11D.

Dispensations were abolished from 6 April 2016 and replaced with an exemption for qualifying expenses paid or reimbursed by the employer. Under the current rules, business expenses that would have been deductible if paid by the employee personally are automatically exempt from P11D reporting.

This means qualifying business travel, hotel stays, subsistence, and professional subscriptions paid or reimbursed by the company do not need to be reported -- but only if they genuinely qualify as business expenses. Non-qualifying expenses (e.g., commuting costs treated as business travel, personal meals) are not exempt and must still be reported.

The Move to Mandatory Payrolling of Benefits

This is the most significant change to P11D compliance in decades. HMRC has confirmed that payrolling of benefits in kind will become mandatory from April 2027, with voluntary early adoption available from April 2026.

What Is Payrolling Benefits?

Instead of reporting benefits annually on the P11D after the tax year ends, payrolling means you calculate the cash equivalent of each benefit and add it to the employee's taxable pay each month through your regular payroll. The tax is then collected in real time via PAYE.

Payrolling vs P11D: A Comparison

What Is Changing from April 2026 and April 2027?

From April 2026 (voluntary):

• Employers can register to payroll all benefits except beneficial loans and living accommodation
• Registration must be completed by 5 April 2026 for the 2026/27 tax year
• Early adopters can familiarise themselves with the process before it becomes mandatory

From April 2027 (mandatory):

• All employers must payroll most benefits in kind
• Beneficial loans and living accommodation will be excluded from mandatory payrolling initially and will continue to require P11D reporting
• The P11D(b) will still be required for Class 1A NIC declarations
• HMRC will provide updated software and guidance

What Should You Do Now?

If your company provides benefits in kind, you should:

1. Audit your current benefits -- identify every benefit you provide and its annual cash equivalent
2. Talk to your payroll provider -- confirm they can handle payrolled benefits in their software
3. Consider voluntary registration from April 2026 -- getting a year of practice before the mandate is valuable
4. Plan for the cash flow impact -- employees will see lower monthly take-home pay as tax is collected in real time rather than retrospectively

For many sole-director companies, the practical impact may be minimal -- you are both the employer and the employee, so the timing of tax collection is within your control either way. But if you employ staff, the communication and payroll system changes require planning.

How to File P11Ds

Electronic Filing

P11Ds must be filed electronically using one of the following methods:

• HMRC's PAYE Online service -- suitable for small numbers of P11Ds
• Commercial payroll software -- most payroll packages include P11D filing capability
• HMRC-recognised third-party software -- specialist P11D software

Paper filing is only permitted in exceptional circumstances with HMRC's prior agreement.

Steps to File

1. Calculate the cash equivalent of every benefit for each employee
2. Complete a P11D for each employee who received benefits
3. Complete the P11D(b) summarising total Class 1A NIC
4. Submit electronically by 6 July
5. Provide copies of P11Ds to each employee by 6 July
6. Pay Class 1A NIC by 22 July

Record Keeping

HMRC requires you to keep records supporting your P11D submissions for at least three years after the end of the tax year to which they relate. In practice, keeping records for six years is safer, as this covers the general HMRC enquiry window.

Records should include:

• Receipts, invoices, and premium statements for each benefit
• Company car details (make, model, list price, CO2 emissions, date first made available)
• Loan agreements and balance records
• Any employee contributions or reimbursements
• Calculations showing how the cash equivalent was determined

Common P11D Mistakes to Avoid

Forgetting to file for yourself as a sole director. If your company provides you with any taxable benefit -- even just private medical insurance -- you need a P11D.

Using the purchase price instead of the list price for company cars. The P11D uses the manufacturer's list price, not what you paid. A discounted purchase does not reduce the benefit.

Ignoring the fuel benefit charge. If the company pays for any private fuel, the entire fuel benefit applies. Reimburse private fuel promptly to avoid a large tax charge.

Missing the trivial benefits conditions. A £50 gift voucher that is part of a contractual arrangement (e.g., birthday voucher written into the employment contract) is not a trivial benefit and must be reported.

Not adjusting for periods of unavailability. If a car was unavailable for 30 or more consecutive days (e.g., in for long-term repair), the benefit should be proportionally reduced.

Forgetting to submit P46(Car) forms quarterly. These are separate from the annual P11D and have their own deadlines.

Not registering for payrolling in time. If you want to payroll benefits for a tax year, you must register before the tax year starts. You cannot register mid-year and retrospectively payroll benefits.

Frequently Asked Questions

Do I need to file a P11D if I am the only director and shareholder of my company?

Yes, if your company provided you with any taxable benefit in kind during the tax year. Being a sole director does not create an exemption. Common benefits that trigger a P11D for sole directors include private medical insurance, a company car with private use, and beneficial loans via an overdrawn director's loan account.

What happens if I do not file a P11D at all?

HMRC can apply to the First-tier Tax Tribunal for penalties of up to £300 per P11D plus £60 per day for ongoing non-compliance. More significantly, HMRC may estimate the benefits and issue a determination, which you would then need to appeal. Persistent non-filing is a compliance flag that increases the risk of a wider HMRC enquiry into your company.

Can I avoid the car fuel benefit charge by reimbursing private fuel?

Yes, but you must reimburse the company for all private fuel and make good on that reimbursement by 6 July following the end of the tax year. Keep records of business versus private mileage and the reimbursement calculations. If you reimburse even slightly less than the full private fuel cost, the entire fuel benefit charge applies.

Is private medical insurance for my family reported on my P11D?

Yes. If your company pays for a family policy covering you, your spouse, and your children, the full premium is reported on your P11D as a single benefit. There is no split between the different family members covered. The full premium is attributed to you as the employee or director.

What is the difference between the P11D and the P11D(b)?

The P11D is an individual form listing the benefits provided to a specific employee or director. The P11D(b) is a summary form declaring the total Class 1A NIC owed by the employer across all P11Ds. You need both. The P11D tells HMRC what each person received; the P11D(b) tells HMRC what the company owes in employer NIC.

When does mandatory payrolling of benefits start?

Mandatory payrolling was initially announced for April 2026 but has been delayed to April 2027. From April 2026, employers can voluntarily register to payroll benefits (excluding beneficial loans and living accommodation). From April 2027, payrolling becomes mandatory for most benefit types, though beneficial loans and living accommodation will continue to require P11D reporting.

Are employer pension contributions a benefit in kind?

No. Employer contributions to a registered pension scheme are not benefits in kind and are not reported on the P11D. They are, however, reported on the P60 and may be relevant for annual allowance calculations. This is one of the most tax-efficient benefits a company can provide.

Can I claim a deduction for benefits in kind I have paid tax on?

In limited circumstances, yes. If you use a benefit partly for business purposes (e.g., a company car used 80% for business), you may be able to claim a deduction for the business-use proportion on your self-assessment tax return. However, the P11D benefit is always reported at the full cash equivalent. The deduction is claimed separately.

What is the trivial benefits exemption and is there a limit for directors?

The trivial benefits exemption allows employers to provide benefits costing £50 or less without triggering a P11D charge, provided the benefit is not cash, not contractual, and not a reward for services. For directors and other office holders of close companies, there is an additional annual cap of £300 per tax year on the total trivial benefits received.

Do I need to report home broadband paid by my company?

If the broadband contract is in the company's name and is provided primarily for business use, the private use element is generally not treated as a benefit in kind under the "business use" exemption for equipment. However, if the contract is in your personal name and the company reimburses you, this is an expense payment that may need reporting unless it qualifies as a business expense. Take advice on your specific circumstances.

Next Steps

P11D compliance is not optional. If your limited company provides any benefits to its directors or employees, you must either report them on P11Ds or register to payroll them.

The key actions are:

1. Identify all benefits your company currently provides
2. Calculate the cash equivalent of each using the rules above
3. File on time -- 6 July, every year, without exception
4. Pay Class 1A NIC by 22 July
5. Start preparing for payrolling -- from April 2027 it will be mandatory for most benefits

If you want to track your benefits, calculate the tax impact, and stay on top of deadlines automatically, AccountsOS can help. Chat with your books, dump your receipts, and know your tax is optimized -- starting from free during early access.

For more on specific benefits, see our guides on benefits in kind payrolling from April 2026, company car vs mileage allowance, and private health insurance through a limited company.